Upper Tribunal refuses to suspend FCA requirements on e-money business (Nvayo v FCA)
The Upper Tribunal (UT) has refused an application to suspend the requirements of three supervisory notices (the SNs) imposed by the Financial Conduct Authority (FCA) on Nvayo Limited (Nvayo), an e-money institution authorised by the FCA under the Electronic Money Regulations 2011 (the EMRs). Following the investigation and arrest of the ultimate beneficial owner of Nvayo, Mr Scanlon, by the US Department of Justice (US DoJ), the FCA issued Nvayo with three SNs. Broadly, the requirements in the SNs prevented Nvayo carrying out new business and restricted dealings of its own assets pending resolution of the FCA’s concerns in respect of Nvayo’s anti-money laundering (AML) controls and in respect of Mr Scanlon. The requirements also prevented redemptions by existing customers unless the appropriate due diligence had been remediated to the satisfaction of the skilled person appointed pursuant to section 166 of the Financial Services and Markets Act 2000.
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